Egypt Signs Oil, Gas Exploration Contracts in Red Sea

One of the projects in Egypt. AAWSAT AR
One of the projects in Egypt. AAWSAT AR
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Egypt Signs Oil, Gas Exploration Contracts in Red Sea

One of the projects in Egypt. AAWSAT AR
One of the projects in Egypt. AAWSAT AR

Egypt has signed oil and gas exploration contracts with the global auction winning companies at the Red Sea region.

Asharq Al-Awsat received a copy from a press release published by the Ministry of Petroleum, Mining, and Mineral Resources, in which the Ministry stated that the positive outcome of the auction gives a push forward and attracts more global investments in the petroleum sector especially in promising zones.

Exploration, development and output programs resume via 13 agreements in the study phase, and five agreements in the development phase, in addition to an agreement of study and development. The Ministry also supervises 10 petroleum agreements with the Egyptian General Petroleum Corporation in the production phase, the press release added.

There are also two agreements in the phase of procedures, according to the press release.

Notably, the Red Sea project revenues recorded the highest in the past months since the project was launched. Furthermore, contact was made with global companies who have shown interest in explorations in the Red Sea.

Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla affirmed that the exploration activities continue as planned despite the challenges resulting from the coronavirus outbreak. Petroleum companies in the region are proceeding their operations while abiding by the precautionary measures in their exploration and production activities.

President of Ganoub El-Wadi Petroleum Holding (Ganope) Mohamed Abdul Azim sent a report to Molla regarding the company’s activities in the south of Egypt.

Ganope succeeded in ramping up output average in which the overall production exceeded 7 million bpd during the first quarter of the year, this means a total of 23,00 bpd of crude oil, the report revealed.

Throughout the same duration, a total of 800 million cubic meters of natural gas was produced.



Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).